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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2025
Smith Micro Software, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware 001-35525 33-0029027
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
5800 Corporate Drive
Pittsburgh, PA
 15237
(Address of Principal Executive Offices)
 
 (Zip Code)
Registrant’s Telephone Number, Including Area Code: (412) 837-5300
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class  
Trading
Symbol(s)
   Name of each exchange on which registered
Common Stock, par value $0.001 per share   SMSI   NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02Results of Operations and Financial Condition
On May 7, 2025, Smith Micro Software, Inc. issued a press release announcing its financial results for the three months ended March 31, 2025. A copy of the press release is hereby furnished to the Securities and Exchange Commission as Exhibit 99.1 and incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 7.01Regulation FD
The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description
99.1
Press Release issued on May 7, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Smith Micro Software, Inc.
Date: May 7, 2025
 By: /s/ James M. Kempton
James M. Kempton
Vice President, Chief Financial Officer and Treasurer

EX-99.1 2 smsi-20250331xex991.htm EX-99.1 Document

Exhibit 99.1
gnyzmd4ldoop000001a.jpg
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Smith Micro Reports First Quarter 2025 Financial Results
PITTSBURGH, PA, May 7, 2025 – Smith Micro Software, Inc. (Nasdaq: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2025.
“During our first quarter, we continued executing on our initiatives with a sharpened focus on our latest product developments in SafePath OS™ for kids and senior phones and SafePath Kids™, which enables carriers to deliver child-friendly rate plans. We have engaged in extensive discussions with current and prospective mobile operator customers, and with our latest product innovations, we have expanded our reach within these organizations, opening new opportunities for our sales team,” said William W. Smith, Jr., president, chief executive officer, and chairman of the board of Smith Micro.

Mr. Smith added, “We also continue to keep our eye on the future, with an unwavering dedication to innovation. With our upcoming launch of SafePath® 8, designed with privacy and peace of mind at its core, we will deliver the next generation of features and functionality to SafePath as we continue to enhance the digital safety and connectivity of families worldwide.”
First Quarter 2025 Financial Results
Smith Micro reported revenue of $4.6 million for the quarter ended March 31, 2025, compared to $5.8 million reported in the quarter ended March 31, 2024.
Gross profit for the quarter ended March 31, 2025 was $3.4 million, compared to $3.8 million for the quarter ended March 31, 2024.
Gross profit as a percentage of revenue was 72.8 percent for the quarter ended March 31, 2025, compared to 65.7 percent for the quarter ended March 31, 2024.
GAAP net loss for the quarter ended March 31, 2025 was $5.2 million, or $0.28 loss per share, compared to GAAP net loss of $31.0 million, or $3.28 loss per share, for the quarter ended March 31, 2024.
Non-GAAP net loss for the quarter ended March 31, 2025 was $2.9 million, or $0.16 loss per share, compared to non-GAAP net loss of $4.2 million, or $0.45 loss per share, for the quarter ended March 31, 2024. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures."
All share and per share amounts for common stock herein have been retroactively adjusted for all periods presented to give effect to the one-for-eight reverse stock split of our common stock, which became effective April 10, 2024 at 11:59 pm Eastern time.

Smith Micro Software First Quarter 2025 Financial Results
Page 2
Non-GAAP Measures

To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, the following non-GAAP financial measures and a non-GAAP reconciliation from the equivalent GAAP metric: non-GAAP net loss, non-GAAP gross profit, and non-GAAP basic and diluted loss per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing the Company's income generation and has therefore excluded the following items from GAAP earnings calculations: stock compensation, intangibles amortization, depreciation, fair value adjustments, goodwill impairment, and adjustment for non-recurring items. Additionally, since the Company currently has federal and state net operating loss carryforwards that can be utilized to reduce future cash payments for income taxes, these non-GAAP adjustments have not been tax effected, and the resulting income tax expense reflects actual taxes paid or accrued during each period. This presentation may be considered more indicative of the Company's ongoing operational performance. The table below presents the differences between non-GAAP net loss and net loss on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-GAAP financial measures as reported by Smith Micro may not be comparable to similarly titled amounts reported by other companies.
Investor Conference Call
Smith Micro will hold an investor conference call today, May 7, 2025, at 4:30 p.m. ET, to discuss the Company’s first quarter 2025 financial results. To access the call, dial 1-844-701-1164; international participants can call 1-412-317-5492. A passcode is not required to join the call; ask the operator to be placed into the Smith Micro conference. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. An internet webcast is available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=n6x4GcmJ. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.

Smith Micro Software First Quarter 2025 Financial Results
Page 3
About Smith Micro Software, Inc.
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. For more information, visit www.smithmicro.com.
Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective owners.
Forward-Looking Statements
Certain statements in this press release are, and certain statements on the related conference call may be, forward-looking statements regarding future events or results within the meaning of the Private Securities Litigation Reform Act, including statements related to our financial prospects, goals and other projections of our outlook or performance our cost reduction plans and other future business plans, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are customer concentration, given that the majority of our sales depend on a few large customer relationships and the loss of any of them could materially and negatively affect our business, delay or failure of our customers to accept and deploy our products and services or new or upgraded versions thereof, delay or failure of our customers’ end users to adopt our products and services or new or upgraded versions thereof, our reliance on third party operating systems and other technology for the proper operation and delivery of our solutions and any barriers to our use of such third party technology, our reliance on third party application stores for the distribution of our software applications to users and any barriers to such distribution, including any delay or failure of such third party to approve new versions of our applications or their implementation and/or application of policies that may be harmful to our business, unanticipated delays or obstacles in our development and release cycles, the degree to which competing business needs or resource constraints may affect our allocation of resources to planned projects, the risk of harm to our business resulting from our recent and any future cost reduction efforts, our ability to attract and retain key technical personnel that are essential to our product development and support efforts, changes in demand for our products from our customers and their end users, changes in requirements for our products imposed by our customers or by the third party providers of software, hardware and/or platforms that we use or operate with, our ability to effectively integrate, market and sell acquired product lines, new and changing technologies and customer acceptance and timing of deployment of those technologies, and our ability to compete effectively with other software and technology companies. These and other factors discussed in our filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management, and we do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.



Smith Micro Software First Quarter 2025 Financial Results
Page 4
Smith Micro Software, Inc.    
Consolidated Balance Sheets  
(in thousands except share and par value data)    
 
  March 31,
2025		 December 31,
2024
  (unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $ 2,288  $ 2,808 
Accounts receivable, net of related allowances of $106 and $3 at March 31, 2025 and 2024, respectively
 3,238  5,721 
Prepaid expenses and other current assets 1,435  1,467 
Total current assets 6,961  9,996 
Equipment and improvements, net 468  538 
Right-of-use assets 2,067  2,367 
Other assets 495  496 
Intangible assets, net 22,321  23,597 
Goodwill 11,052  11,052 
Total assets $ 43,364  $ 48,046 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 1,674  $ 1,738 
Accrued payroll and benefits 1,695  1,694 
Current operating lease liabilities 1,416  1,279 
Other current liabilities 886  940 
Total current liabilities 5,671  5,651 
Non-current liabilities:
Warrant liabilities 101  224 
Operating lease liabilities 902  1,287 
Deferred tax liabilities, net 128  128 
Total non-current liabilities 1,131  1,639 
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 19,458,750 and 17,673,404 shares issued and outstanding 2025 and 2024, respectively
 19  18 
Additional paid-in capital 396,366  395,383 
Accumulated comprehensive deficit (359,823) (354,645)
Total stockholders’ equity 36,562  40,756 
Total liabilities and stockholders' equity $ 43,364  $ 48,046 



Smith Micro Software First Quarter 2025 Financial Results
Page 5
Smith Micro Software, Inc.
Consolidated Statements of Operations
(in thousands except share data)
For the Three Months Ended
March 31,
2025 2024
(unaudited) (unaudited)
Revenues $ 4,621  $ 5,798 
Cost of revenues (including depreciation of $1 and $6 in the three months ended March 31, 2025 and 2024, respectively)
 1,258  1,988 
Gross profit 3,363  3,810 
Operating expenses:
Selling and marketing 1,643  2,614 
Research and development 2,857  3,989 
General and administrative 2,724  2,756 
Depreciation and amortization 1,349  1,908 
Goodwill impairment
 —  23,989 
Total operating expenses 8,573  35,256 
Operating loss (5,210) (31,446)
Other income (expense):
Change in fair value of warrant liabilities 123  185 
Interest (expense) income, net (25) 74 
Other (expense) income, net (65) 219 
Loss before provision for income tax provision (5,177) (30,968)
Provision for income tax expense 1  39 
Net loss $ (5,178) $ (31,007)
Loss per share:
Basic and diluted $ (0.28) $ (3.28)
Weighted average shares outstanding:
Basic and diluted 18,216  9,466 




Smith Micro Software First Quarter 2025 Financial Results
Page 6
Smith Micro Software, Inc.
Consolidated Statements of Cash Flows
(in thousands)
 
  For the Three Months Ended
March 31,
  2025 2024
  (unaudited) (unaudited)
Operating activities:
Net loss $ (5,178) $ (31,007)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 1,350  1,914 
Goodwill impairment charge
 —  23,989 
Non-cash lease expense 52  (151)
Change in fair value of warrant liabilities (123) (185)
Provision for credit losses 103  — 
Stock based compensation 1,088  1,136 
Gain on license of patents, net
 —  (198)
Changes in operating accounts:
Accounts receivable 2,381  3,611 
Prepaid expenses and other assets 33  44 
Accounts payable, accrued, and other liabilities (308) (498)
Net cash used in operating activities (602) (1,345)
Investing activities:
Capital expenditures, net (4) (4)
Proceeds from license of patents, net
 —  198 
Net cash (used in) provided by investing activities (4) 194 
Financing activities:
Proceeds from financing arrangements 384  468 
Repayments of financing arrangements (300) (289)
Other financing activities 2  2 
Net cash provided by financing activities 86  181 
Net decrease in cash and cash equivalents (520) (970)
Cash and cash equivalents, beginning of period 2,808  7,125 
Cash and cash equivalents, end of period $ 2,288  $ 6,155 

Smith Micro Software First Quarter 2025 Financial Results
Page 7
Smith Micro Software, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data) - unaudited
 
Three Months Ended
March 31, 2025		 GAAP Stock Compensation Intangibles Amortization Depreciation Fair Value Adjustments Non-GAAP
Gross profit $ 3,363  $ —  $ —  $ 1  $ —  $ 3,364 
Selling and marketing 1,643  (235) —  —  —  1,408 
Research and development 2,857  (215) —  —  —  2,642 
General and administrative 2,724  (638) —  —  —  2,086 
Depreciation and amortization 1,349  —  (1,276) (73) —  — 
Total operating expenses $ 8,573  $ (1,088) $ (1,276) $ (73) $ —  $ 6,136 
(Loss) income before provision for income taxes $ (5,177) $ 1,088  $ 1,276  $ 74  $ (123) $ (2,862)
Net (loss) income $ (5,178) $ 1,088  $ 1,276  $ 74  $ (123) $ (2,863)
(Loss) earnings per share: basic and diluted
$ (0.28) $ 0.06  $ 0.07  $ —  $ (0.01) $ (0.16)
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.




Three Months Ended
March 31, 2024		 GAAP Stock Compensation Intangibles Amortization Depreciation Fair Value Adjustments Goodwill Impairment
Adjustments for Non-Recurring Items1
 Non-GAAP
Gross profit $ 3,810  $ —  $ —  $ 6  $ —  $ —  $ —  $ 3,816 
Selling and marketing 2,614  (309) —  —  —  —  (13) 2,292 
Research and development 3,989  (264) —  —  —  —  (18) 3,707 
General and administrative 2,756  (563) —  —  —  —  (104) 2,089 
Depreciation and amortization 1,908  —  (1,816) (92) —  —  —  — 
Goodwill impairment 23,989  (23,989)
Total operating expenses $ 35,256  $ (1,136) $ (1,816) $ (92) $ —  $ (23,989) $ (135) $ 8,088 
(Loss) income before provision for income taxes $ (30,968) $ 1,136  $ 1,816  $ 98  $ (185) $ 23,989  $ (62) $ (4,176)
Net (loss) income $ (31,007) $ 1,136  $ 1,816  $ 98  $ (185) $ 23,989  $ (62) $ (4,215)
(Loss) earnings per share: basic and diluted
$ (3.28) $ 0.12  $ 0.19  $ 0.01  $ (0.02) $ 2.53  $ —  $ (0.45)
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.
1Adjustment for Non-Recurring Items includes costs associated with corporate actions in 2024, including but not limited to special meetings and reverse stock split, offset by licensure of patents.